DERIVATIVES, OSLO BØRS - OCTOBER 2014

Transcription

1 DERIVATIVES, OSLO BØRS - OCTOBER 2014 The OBX index fell by 4.3% to points in October. So far this year the index is up 6%. The average number of contracts traded in October was contracts/day. The average year-todate is , whereas the average for 2013 was contracts/day. October was a volatile month, with good turnover for the derivatives market. The OBX option premium rose by 5 to 132 MNOK, the highest since October 2008 (ytd avg: 40 MNOK, 2013 avg: 36 MNOK). The index future turnover increased by 57% to 19.9 BNOK, the highest since November 2011 (ytd avg: 14.6 BNOK, 2013 avg: 13.3 BNOK). The stock option premium increased by 51% to 131 MNOK, the highest since August 2011 (ytd avg: 84 MNOK, 2013 avg: 69 MNOK), whereas the forward exposure fell by 39% to 873 MNOK (ytd avg: 996 MNOK, 2013 avg: 888 MNOK). The most traded single stock option in October was Statoil with 34.1 MNOK, 26% of the total stock option premium turnover. Seadrill and Norsk Hydro followed with a turnover of 22.4 and 18.7 MNOK respectively. The top three stock derivatives accounted for 57% of the total stock option turnover for the month. Norsk Hydro, TGS Nopec and Petroleum Geo-Services were the most traded stock forwards. Norsk Hydro had a turnover of 190 MNOK, 22% of the total. Oslo Børs offers standardised options and forward/futures on 20 stocks, the OBX index, and the AKAKS Basket. In addition, there are futures listed on the OBOSX index. This summary continues with a presentation of general statistics, followed by a product- and volatility overview towards the end. We hope to see you back in the derivatives market next month. Disclaimer: All information in this presentation is obtained from documents already available to the public. Oslo Børs does not guarantee the accuracy of the information included in the presentation. This report will not be updated if any changes occur due to cancellations. The presentation does not in any way constitute a recommendation by Oslo Børs.

2 Contracts/ day Contract Distribution Index Futures Single Stock Fwd/Fut OBX Index Options Stock Options Oct 13 Nov 13 Dec 13 Jan 14 Feb 14 Mar 14 Apr 14 May 14 Jun 14 Jul 14 Aug 14 Sep 14 Oct 14

3 TURNOVER - CONTRACTS/DAY (average) Contracts/day last month STOCK FWD/FUT INDEX - FUTURES OBX - OPTIONS STOCK OPTIONS Contracts/day YTD 2014 INDEX - FUTURES STOCK FWD/FUT OBX - OPTIONS STOCK OPTIONS

4 LIQUIDITY - OPTION PREMIUM DISTRIBUTION Option Premium last month OBX Options Statoil 13.0 % 8.5 % 7.1 % 4.6 % 4.0 % Seadrill Norsk Hydro Storebrand Royal Caribbean Cruises 2.3 % 2.1 % 2.1 % 1.7 % % 0.6 % 0.4 % 0.3 % Opera Software Yara International DNB Petroleum Geo-Services Subsea 7 DNO International Telenor Norwegian Air Shuttle REC Silicon 0.2 % TGS Nopec Geophysical Co % 0.2 % 0.1 % 0.1 % 0.0 % 0.0 % Marine Harvest Group AKAKS Basket Orkla Gjensidige Forsikring Aker Solutions Norske Skog 17.1 % Option Premium YTD % 6.0 % 5.4 % 3.2 % 3.2 % 2.9 % 2.8 % 2.8 % OBX Options Statoil Norsk Hydro Seadrill Yara International DNB Storebrand Norwegian Air Shuttle 36.9 % 2.3 % 1.7 % 1.6 % 1.4 % 1.0 % 0.7 % 0.6 % 0.6 % 0.4 % 0.2 % 0.1 % 0.0 % Subsea 7 Royal Caribbean Cruises Petroleum Geo-Services Opera Software Marine Harvest Group Telenor TGS Nopec Geophysical Co. DNO International REC Silicon AKAKS Basket Orkla Gjensidige Forsikring Norske Skog Aker Solutions

5 SINGLE STOCK FORWARD/FUTURE - EXPOSURE DISTRIBUTION 7.0 % 11.2 % 16.2 % 6.6 % Stock Fwd/Fut Premium last month 6.0 % 5.4 % 21.7 % 4.8 % 4.4 % 4.1 % 0.9 % 0.8 % 0.7 % % % 0.0 % 2.5 % 2.2 % 1.7 % 1.7 % 1.4 % Norsk Hydro TGS Nopec Geophysical Co. Petroleum Geo-Services Telenor Statoil Marine Harvest Group Norwegian Air Shuttle Subsea 7 DNB Yara International Royal Caribbean Cruises DNO International Opera Software Seadrill Orkla Gjensidige Forsikring Storebrand AKAKS Basket REC Silicon Aker Solutions Norske Skog 7.7 % 8.4 % 9.1 % 7.4 % 9.4 % Stock Fwd/Fut Premium YTD % 6.1 % 21.0 % 4.8 % 4.3 % 0.4 % 0.2 % 0.0 % 3.2 % 2.7 % 2.6 % 2.0 % 1.6 % 1.0 % 1.0 % 0.7 % Norsk Hydro Yara International Statoil Norwegian Air Shuttle Seadrill Telenor Petroleum Geo-Services Marine Harvest Group DNB Subsea 7 DNO International Gjensidige Forsikring Royal Caribbean Cruises REC Silicon TGS Nopec Geophysical Co. Storebrand Opera Software AKAKS Basket Orkla Norske Skog Aker Solutions

6 PREMIUM - SINGLE STOCK DERIVATIVES Turnover Premium MNOK Open Interest (avg) - Contracts Single Stock Options Turnover Premium MNOK Open Interest (avg) - Contracts 0 Oct 13 Nov 13 Dec 13 Jan 14 Feb 14 Mar 14 Apr 14 May 14 Jun 14 Jul 14 Aug 14 Sep 14 Oct 14 0 Turnover Premium Open Interest (avg) Single Stock Forwards & Futures Oct 13 Nov 13 Dec 13 Jan 14 Feb 14 Mar 14 Apr 14 May 14 Jun 14 Jul 14 Aug 14 Sep 14 Oct Turnover Premium Open Interest (Avg)

7 Turnover exposure MNOK Open Interest (avg)- Contracts Turnover Premium MNOK Open Interest (avg)- Contracts PREMIUM - INDEX DERIVATIVES OBX - Index Options Oct 13 Nov 13 Dec 13 Jan 14 Feb 14 Mar 14 Apr 14 May 14 Jun 14 Jul 14 Aug 14 Sep 14 Oct 14 Turnover premium / month Open interest (avg) Index Futures Oct 13 Nov 13 Dec 13 Jan 14 Feb 14 Mar 14 Apr 14 May 14 Jun 14 Jul 14 Aug 14 Sep 14 Oct 14 0 Turnover exposure MNOK Open Interest (avg)

8 BROKER STATISTICS - OCTOBER % 10.8 % Equity Options 8.1 % 45.7 % 2.6 % 2.1 % 2.0 % 1.8 % 1.7 % 1.7 % 1.6 % 0.4 % 0.3 % 0.2 % DNB BANK ASA LSE Derivatives Danske Bank A/S Swedbank Norge Handelsbanken Capital Markets Nordea Markets Sparebank 1 Markets Enskilda Securities ABG Sundal Collier Norge ASA Nordnet Bank AB NetFonds AS Pareto Securities AS Carnegie ASA Fearnley Fonds 14.7 % 9.0 % 6.4 % Index Options 5.9 % LSE Derivatives DNB BANK ASA Enskilda Securities 3.6 % 2.1 % 1.2 % 1.0 % 0.5 % Danske Bank A/S Nordnet Bank AB Nordea Markets NetFonds AS 23.0 % 32.4 % Handelsbanken Capital Markets Sparebank 1 Markets Pareto Securities AS Swedbank Norge

9 Stock Forwards & Futures 24.1 % 63.3 % DNB BANK ASA LSE Derivatives 5.9 % 3.5 % Sparebank 1 Markets Danske Bank A/S 3.1 % Carnegie ASA 30.1 % 11.3 % Index Futures 36.8 % 7.0 % 6.1 % 3.4 % 2.3 % 1.7 % 0.9 % 0.2 % 0.1 % 0.1 % DNB BANK ASA LSE Derivatives Handelsbanken Capital Markets Enskilda Securities Sparebank 1 Markets Danske Bank A/S Carnegie ASA Nordea Markets NetFonds AS Arctic Securities ASA Nordnet Bank AB Swedbank Norge "LSE Derivatives" is a composite entry and includes all derivatives members at London Stock Exchange Derivatives Market.

10 OBX INDEX - CONSTITUENTS AND OTHER INFORMATION The OBX Index consists of the 25 most traded equities (currently 26), and the constituents are selected on the basis of six months turnover rating. It is a semi-annually revised free float adjusted total return index (dividend adjusted) with composition changes and cappings implemented on the first Friday after the third Thursday in June and December. In the period between the composition review dates, the number of shares for each constituent is fixed with exception of cappings and continuous adjustments for corporate actions. The OBX Index is a tradable index with exchange traded futures and options available : All time high ( close):

11 The current OBX and OBOSX Index compositions can be found below. The Derivatives department at Oslo Børs distributes a daily report with information on the indices and their components. If you would like to receive this daily update, please contact mps@oslobors.no. Date: 3. nov OBX OBOSX Close - prev. day: OBOSX weight of OBX: % Divisor: USDNOK: 6.76 Weight % Weight % Close Last Day Dividend Dividend Last Update Multiplier Multiplier Value Multiplier Multiplier Value Ticker Company Name in OBX in OBOSX Prev. day Note Incl. Div. Stock in NOK Div. Info OBX OBX OBOSX OBOSX Industry 1 AKA Akastor 0.42 % 4.22 % Oil & Gas Equipment & Services 2 AKSO Aker Solutions 0.80 % 7.93 % Oil & Gas Equipment & Services 3 BWLPG BW LPG Limited 0.59 % $ Oil & Gas Storage & Transportation 4 DNB DNB % Diversified Banks 5 DNO DNO 1.21 % Oil & Gas Exploration & Production 6 FOE Fred Olsen Energy 0.29 % 2.89 % Oil & Gas Drilling 7 GJF Gjensidige Forsikring 2.99 % Multi-line Insurance 8 GOGL Golden Ocean Group 0.27 % Marine 9 MHG Marine Harvest 3.59 % Packaged Foods & Meats 10 NAS Norwegian 0.75 % Airlines 11 NHY Norsk Hydro 6.58 % Aluminum 12 OPERA Opera Software 1.30 % Internet Software & Services 13 ORK Orkla 5.11 % Packaged Foods & Meats 14 PGS Petroleum Geo-Services 0.88 % 8.70 % Oil & Gas Equipment & Services 15 PRS Prosafe 0.89 % 8.84 % $ Oil & Gas Equipment & Services 16 RCL Royal Caribbean Cruises 3.90 % $ Hotels, Resorts & Cruise Lines 17 REC REC Silicon ASA 0.65 % Semiconductor Equipment 18 RECSOL REC Solar ASA 0.42 % Semiconductor Equipment 19 SCH Schibsted 3.51 % Publishing 20 SDRL Seadrill 3.26 % % $ Oil & Gas Drilling 21 STB Storebrand 1.89 % Life & Health Insurance 22 STL Statoil % Integrated Oil & Gas 23 SUBC Subsea 7 S.A % % Oil & Gas Equipment & Services 24 TEL Telenor % Integrated Telecom. Services 25 TGS TGS Nopec Geophysical 1.96 % % Oil & Gas Equipment & Services 26 YAR Yara International 6.81 % Fertilizers & Agricultural Chemicals Tot: OBX % Tot: OBOSX % Note Note Explanation Gen. AGM/ Last inclusive dates as notified on respective company's web page, and dividend proposed by the board 1 Please see EXCHANGE NOTICE DERIVATIVES 14-34/ NB: Norwegian Stock derivatives will be adjusted for the part of dividends exceeding 5% of underlying fixing (vwap) on last Cum-date. SDRL and MHG are adjusted for the full dividend amount. Legends: = Recent updates XX.XX = Upcoming Dividend XX.XX = Upcoming Dividend exceeding 5% of Current Stock Price (Prev. Close). DISCLAIMER: Information and estimates given in this document are solely intended as a service to the market. Oslo Børs accepts no responsibilty for the accuracy of the information and estimates. Oslo Børs shall not be liable for any loss or damage w hatsoever or how soever caused or arising in connection w ith the information and estimates given in this document.

12 OSLO BØRS - LISTED DERIVATIVES OPEN INTEREST - OPTIONS AND INDEX FUTURES ONLY OBX Index (OBX) Domicile: Norway The OBX INDEX consists of the 25 most traded securities on Oslo Børs. The constituents are selected on the basis of six months turnover rating (Jun & Dec). It is a semi-annually revised, free float adjusted total return index (dividend adjusted). Home: Liquidity: Tradable in blocks of around 5000 contracts. Sector: N/A Last (NOK): Avg.Imp.Vol last month: 20 % ISIN: NO Expiry: Each Month Reuters:.OBX Open Int Options (avg): Bloomberg: OBX NO Open Int Fut (avg): Weight of All Shares: 44.55% O/I Options avg. ytd: O/I Fut avg. ytd: Derivatives: Options & Futures Market Maker(s): 7 OBOSX Index (OBOSX) Domicile: Norway The OSLO BØRS OBX OIL SERVICE INDEX is a free float adjusted total return index (dividend adjusted) composed of the most liquid shares within the Oil Service sector. Only companies that are members of both the OBX index and the Energy Equipment and Service Index are included. Home: Sector: OBX Index & Energy Last (NOK): Equipment and Service Index Avg.Imp.Vol last month: N/A ISIN: NO Expiry: Each Month Reuters:.OBOSX Bloomberg: OBOSX.IND Weight of OBX: 10.88% Derivatives: Futures Open Int Fut (avg): O/I Fut avg. ytd: Market Maker(s): Aker Solutions (AKSO) AKER SOLUTIONS is a global provider of Sector: Oil & Gas Equipment & products, systems and services to the oil and Services Last (NOK): gas industry. Its engineering, design and ISIN : NO Avg.Imp.Vol last month: 35 % technology bring discoveries into Reuters : AKSO.OL Expiry: Mar, Jun, Sep, Dec production and maximize recovery. Home: Bloomberg : AKSO NO Open Int (avg): 193 Liquidity: Tradable for volumes around 2000 OBX Weight : 0.80% O/I avg. ytd: 178 Domicile: Norway contracts. Derivatives : Options & Fwd/Fut Market Maker(s): 2

13 DNB (DNB) DNB is Norway's largest financial services Sector: Diversified Banks Last (NOK): group and offers financial products and ISIN : NO Avg.Imp.Vol last month: 21 % services related to the money and capital markets. Reuters : DNB.OL Expiry: Each Month Home: Bloomberg : DNB NO Open Int (avg): Liquidity: Tradable in blocks of 3000 OBX Weight : 14.79% O/I avg. ytd: Derivatives : Options & Fwd/Fut Market Maker(s): 6 DNO International (DNO) DNO International is an international independent petroleum company engaged in the acquisition, exploration, development and operation of oil and natural gas properties. Home: Sector: Oil & Gas Exploration & Production Last (NOK): ISIN : NO Avg.Imp.Vol last month: 58 % Reuters : DNO.OL Expiry: Mar, Jun, Sep, Dec Bloomberg : DNO NO Open Int (avg): Liquidity: Tradable for volumes around 1000 OBX Weight : 1.21% O/I avg. ytd: Derivatives : Options & Fwd/Fut Market Maker(s): 1 Gjensidige Forsikring (GJF) GJENSIDIGE FORSIKRING is Norway's largest general insurance company, with business Sector: Multi-line Insurance Last (NOK): in Denmark, Sweden and the Baltic ISIN : NO Avg.Imp.Vol last month: 19 % countries. The group also offers banking, Reuters : GJF.OL Expiry: Mar, Jun, Sep, Dec pension and saving products in Norway. Home: Bloomberg : GJF NO Open Int (avg): 687 Liquidity: Tradable for volumes around 2000 OBX Weight : 2.99% O/I avg. ytd: Domicile: Norway contracts. Derivatives : Options & Fwd/Fut Market Maker(s): 2

14 Marine Harvest Group (MHG) MARINE HARVEST is the world s leading Sector: Packaged Foods & Meats seafood company offering a wide range of Last (NOK): seafood products and produce one fourth of ISIN : NO Avg.Imp.Vol last month: 26 % the world's farmed salmon. The company is Reuters : MHG.OL Expiry: Mar, Jun, Sep, Dec present in 18 countries and has 5000 employees worldwide. Bloomberg : MHG NO Open Int (avg): Home: Liquidity: Tradable in blocks of 2000 OBX Weight: 3.59% O/I avg. ytd: Derivatives : Options & Fwd/Fut Market Maker(s): 3 Norwegian Air Shuttle (NAS) NORWEGIAN AIR SHUTTLE is Europe's third largest low cost airline and the second Sector: Airlines Last (NOK): largest airline in Scandinavia. Norwegian ISIN : NO Avg.Imp.Vol last month: 37 % operates 55 aircraft on 239 routes to 94 Reuters : NAS.OL Expiry: Mar, Jun, Sep, Dec destinations and employs approximately 2000 people. Bloomberg : NAS NO Open Int (avg): Home: Liquidity: Tradable in blocks of around 500 OBX Weight: 0.75% O/I avg. Ytd: Derivatives : Options & Fwd/Fut Market Maker(s): 2 Norsk Hydro (NHY) NORSK HYDRO is a global supplier of Sector: Aluminum Last (NOK): aluminium with activities throughout the ISIN : NO Avg.Imp.Vol last month: 28 % value chain, from bauxite extraction to the Reuters : NHY.OL Expiry: Each Month production of rolled and extruded aluminium products and building systems. Based in Norway, the company employs people in more than 40 countries. Bloomberg : NHY NO and NOHYF US Open Int (avg): Home: Liquidity: Tradable in blocks of 5000 OBX Weight : 6.58% O/I avg. ytd: Derivatives : Options & Fwd/Fut Market Maker(s): 6

15 Norske Skog (NSG) NORSKE SKOG is one of the world's biggest Sector: Paper Products Last (NOK): 3.73 producer of publication paper, with 12 paper ISIN : NO Avg.Imp.Vol last month: 72 % mills in 10 countries and a production Reuters : NSG.OL Expiry: Mar, Jun, Sep, Dec capacity of around 4 mill. tonnes per year. Home: Bloomberg : NSG NO Open Int (avg): Liquidity: Tradable in blocks of 2000 OBX Weight : N/A O/I avg. ytd: Derivatives : Options & Fwd/Fut Market Maker(s): 1 Opera Software (OPERA) OPERA SOFTWARE delivers the best Internet experience on any device. The company targets PCs, mobile phones, portable media players, set-top boxes, gaming consoles and other vertical markets. Home: Sector: Internet Software & Services Last (NOK): ISIN : NO Avg.Imp.Vol last month: 42 % Reuters : OPERA.OL Expiry: Mar, Jun, Sep, Dec Bloomberg : OPERA NO Open Int (avg): Liquidity: Tradable for volumes around 500 OBX Weight : 1. O/I avg. ytd: Derivatives : Options & Fwd/Fut Market Maker(s): 1 Orkla (ORK) ORKLA operates in the branded consumer goods, aluminium solutions and financial investment sectors. The Group has a turnover of NOK 57 billion and employees in more than 40 countries. Home: Sector: Industrial Conglomerates Last (NOK): ISIN : NO Avg.Imp.Vol last month: 22 % Reuters : ORK.OL Expiry: Each Month Bloomberg : ORK NO Open Int (avg): Liquidity: Tradable for volumes around 3000 OBX Weight : 5.11% O/I avg. ytd: Derivatives : Options & Fwd/Fut Market Maker(s): 4

16 Petroleum Geo-Services (PGS) PETROLEUM GEO-SERVICES is a technologically focused oilfield service company involved in providing geophysical services worldwide. Home: Sector: Oil & Gas Equipment & Services Last (NOK): ISIN : NO Avg.Imp.Vol last month: 43 % Reuters : PGS.OL Expiry: Mar, Jun, Sep, Dec Bloomberg : PGS NO Open Int (avg): Liquidity: Tradable for volumes around 2000 OBX Weight : 0.88% O/I avg. ytd: Derivatives : Options & Fwd/Fut Market Maker(s): 4 Royal Caribbean Cruises (RCL) ROYAL CARIBBEAN CRUISES is a global cruise Sector: Hotels, Resorts & Cruise Lines vacation company that operates Royal Last (NOK): Caribbean International, Celebrity Cruises, Pullmantur, Azamara Cruises and CDF ISIN : LR Avg.Imp.Vol last month: 32 % Croisières de France. The company has a Reuters : RCL.OL Expiry: Mar, Jun, Sep, Dec combined total of 38 ships in service and five under construction. Bloomberg : RCL NO Open Int (avg): Home: Liquidity: Tradable in blocks of 1000 OBX Weight : 3.90% O/I avg. ytd: Domicile: Liberia contracts. Derivatives : Options & Fwd/Fut Market Maker(s): 3 REC Silicon (REC) REC SILICON is a leading producer of advanced silicon materials, delivering highpurity polysilicon and silane gas to the solar and electronics industries worldwide. Home: Sector: Semiconductor Equipment Last (NOK): 2.78 ISIN : NO Avg.Imp.Vol last month: 77 % Reuters : REC.OL Expiry: Each Month Bloomberg : REC NO Open Int (avg): Liquidity: Tradable in blocks of OBX Weight : 0.65% O/I avg. ytd: Derivatives : Options & Fwd/Fut Market Maker(s): 2

17 Seadrill (SDRL) SEADRILL is an international drilling Sector: Oil and Gas Drilling Last (NOK): contractor providing services within drilling and well services. Seadrill has ISIN: BMG 7945E 1057 Avg.Imp.Vol last month: 40 % employees, representing 25 nationalities on Reuters : SDRL.OL Expiry: Mar, Jun, Sep, Dec five continents. Home: Bloomberg : SDRL NO Open Int (avg): Liquidity: Tradable for volumes around 2000 OBX Weight : 3.26% O/I avg. ytd: Domicile: Bermuda contracts. Derivatives : Options & Fwd/Fut Market Maker(s): 5 Storebrand (STB) STOREBRAND is a leading player in the Sector: Life & Health Insurance markets for long-term savings and Last (NOK): insurance. The group consists of the ISIN : NO Avg.Imp.Vol last month: 29 % following business areas: life insurance, asset management, banking and non-life Reuters : STB.OL Expiry: Mar, Jun, Sep, Dec insurance. Bloomberg : STB NO Open Int (avg): Home: Liquidity: Tradable in blocks of 5000 OBX Weight : 1.89% O/I avg. ytd: Derivatives : Options & Fwd/Fut Market Maker(s): 4 Statoil (STL) STATOIL is the leading producer of petroleum on the NCS and has substantial Sector: Integrated Oil & Gas Last (NOK): production outside of Norway. Statoil is the ISIN : NO Avg.Imp.Vol last month: 23 % world's largest operator of offshore Reuters : STL.OL Expiry: Each month petroleum production with activities in 32 countries and approximately Bloomberg : SYO NO and STO US Open Int (avg): employees. Liquidity: Tradable in blocks of 5000 OBX Weight : 20.81% O/I avg. ytd: Derivatives : Options & Fwd/Fut Market Maker(s): 7

18 Subsea 7 (SUBC) Subsea 7 S.A. is a seabed-to-surface engineering, construction and services contractor to the offshore energy industry worldwide. Home: Sector: Oil & Gas Equipment & Services Last (NOK): ISIN: LU Avg.Imp.Vol last month: 33 % Reuters: SUBC.OL Expiry: Mar, Jun, Sep, Dec Bloomberg: SUBC NO Open Int (avg): Liquidity: Tradable in blocks of 2000 OBX Weight: 2.35% O/I avg. ytd: Domicile: Luxembourg contracts. Derivatives: Options & Fwd/Fut Market Maker(s): 5 Telenor (TEL) TELENOR Group is a leading international provider of communications services and one of the largest mobile operators worldwide. Home: Sector: Integrated Telecom. Services Last (NOK): ISIN : NO Avg.Imp.Vol last month: 19 % Reuters : TEL.NO Expiry: Each Month Bloomberg : TEL NO and TELN US Open Int (avg): Liquidity: Traded in volumes of 3000 OBX Weight : 13.98% O/I avg. ytd: Derivatives : Options & Fwd/Fut Market Maker(s): 6 TGS-Nopec (TGS) TGS-NOPEC provides multi-client geoscience data and services to oil and gas Exploration and Production companies around the globe. TGS also provides highend depth imaging services to help resolve complex seismic imaging problems. Home: Sector: Oil & Gas Equipment & Services Last (NOK): ISIN : NO Avg.Imp.Vol last month: 33 % Reuters : TGS.OL Expiry: Mar, Jun, Sep, Dec Bloomberg : TGS NO Open Int (avg): Liquidity: Tradable for volumes around 1000 OBX Weight : 1.96% O/I avg. ytd: Domicile: Norway contracts. Derivatives : Options & Fwd/Fut Market Maker(s): 1

19 Yara (YAR) YARA International ASA delivers solutions for sustainable agriculture and the environment. Founded in Norway in 1905, Yara has a worldwide presence with sales to 150 countries. Home: Sector: Fertilizers & Agricultural Chemicals Last (NOK): ISIN : NO Avg.Imp.Vol last month: 24 % Reuters : YAR.OL Expiry: Each Month Bloomberg : YAR NO Open Int (avg): Liquidity: Traded in blocks of around 2000 OBX Weight : 6.81% O/I avg. ytd: Derivatives : Options & Fwd/Fut Market Maker(s): 5

20 MARKET MAKERS DNB Markets: Danske Bank Markets: Enskilda Securities: Handelsbanken: Nordea Markets: Sparebank 1 Markets: Timber Hill Europe: OBX, OBOSX, AKSO, DNO, GJF, MHG, NAS, NHY, NSG, OPERA, ORK, PGS, REC, RCL, SDRL, STB, STL, SUBC, TEL, TGS, YAR OBX, OBOSX, AKSO, DNB, NAS, PGS, SDRL, STL, TEL, SUBC, YAR OBX, DNB, NHY, ORK, STL, TEL, YAR OBX, DNB, NHY, PGS, RCL, SDRL, STB, STL, SUBC, YAR OBX, DNB, GJF, NHY, STB, STL, TEL OBX, DNB, MHG, NHY, ORK, SDRL, STL, SUBC, TEL OBX, DNB, MHG, NHY, ORK, PGS, REC, RCL, SDRL, STB, STL, SUBC, TEL, YAR

21 OPTIONS - ATM IMPLIED VOLATILITIES Daily Volatilities = average of Last Bid+Offer vol. for ATM CALLS and PUTS for the nearest two months. Lack of data may occur, thus volatilities should be seen as indicative. 90% 80% 10% OBX ATM Implied Vol AKSO ATM Implied Vol 1 DNB ATM Implied Vol 110% 90% 10%

22 80% 75% 65% 55% 45% DNO ATM Implied Vol GJF ATM Implied Vol 25% 15% 10% % 90% 10% MHG ATM Implied Vol

23 100% 90% 80% 10% NHY ATM Implied Vol 100% 90% 80% NAS ATM Implied Vol % 100% 90% 80% NSG ATM Implied Vol

24 80% ORK ATM Implied Vol 10% OPERA ATM Implied Vol 35% 25% 15% 10% 80% PGS ATM Implied Vol

25 % 100% 90% 80% REC ATM Implied Vol 80% RCL ATM Implied Vol SDRL ATM Implied Vol 110% 90% 10%

26 90% 80% 10% STL ATM Implied Vol 1 SUBC ATM Implied Vol 110% 90% 10% 1 STB ATM Implied Vol 1 100% 80%

27 55% 45% 35% 25% TGS ATM Implied Vol 90% 80% 10% TEL ATM Implied Vol 100% 90% 80% 10% YAR ATM Implied Vol Disclaimer: All information in this presentation is obtained from documents already available to the public. Oslo Børs does not guarantee the accuracy of the information included in the presentation. This report will not be updated if any changes occur due to cancellations. The presentation does not in any way constitute a recommendation by Oslo Børs.